Obama administration official: S&P move 'a facts-be-damned decision'
August 6th, 2011
04:17 AM ET
3 years ago

Obama administration official: S&P move 'a facts-be-damned decision'

(CNN) - A senior Obama administration official is calling Standard & Poor's move to downgrade U.S. credit "a facts-be-damned decision," saying the rating agency admitted to an error that inflated U.S. deficits by $2 trillion.

U.S. Treasury officials received S&P's analysis Friday afternoon and alerted the agency to the error, said the administration official, who was not authorized to speak for attribution.

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Filed under: Debt • Deficit • Economy
soundoff (10 Responses)
  1. GI Joe

    Hey – Boner got 98% of what he wanted! That means he got it HIS way. (Wants credit but no blame).

    He wouldn't accept a $4 trillion cut, with $1 trillion closing loopholes for his wealthy buddies, so this is what we get.

    Rant on you teabagging haters, rant on.

    August 6, 2011 08:15 am at 8:15 am |
  2. Jeff in Virginia

    This is the result of Boehner getting "98% of what he wanted" in the debt negotiations, as well as what we get for letting them take the debt ceiling hostage. Pathetic.

    August 6, 2011 08:17 am at 8:17 am |
  3. diridi

    GOP idiots, Tea Party thugs of this great nation together ruined this nation economically, now they ruined this nation's credit history, solely by fighting on color president. What the thugs are, these GOP idiots, and Tea Party thugs, Folks of Florida, Ohio, Iowa, Wisconsin, you have brain, do not entertain GOP Republican thugs, they are for rich, they do any thing to win the election, ruin the nation....God bless...Obama2012....

    August 6, 2011 08:32 am at 8:32 am |
  4. GI Joe

    The republicans/teabaggers want the credit for the "deal", but they aren't willing to take the "blame" for the way the credit rating world looks at the dysfunctional way they are acting. They are reckless and dangerous.

    August 6, 2011 08:53 am at 8:53 am |
  5. Squigman

    Wonder if it's politically motivated? K-Street contributions have a long reach. Or, is that too cynical for you?

    August 6, 2011 09:48 am at 9:48 am |
  6. Rick McDaniel

    Obama has to face reality.......his spending has been excessive, and it is bankrupting the country. Everyone has been trying to get through to him, but he has refused to listen.

    Now he has no choice, but to face it. We all knew it was coming. S&P had delayed making their decision, while they pondered the legislation that passed, and they found it wanting, considering that Obama started announcing new spending initiatives before he even singed the bill.

    They saw the truth........the increased debt ceiling was going to be new spending.......all of it.

    August 6, 2011 09:49 am at 9:49 am |
  7. Rick McDaniel

    That's so laughable.......as large as the error was, when it was recalculated, it made no material difference in the downgrade. None.

    August 6, 2011 09:54 am at 9:54 am |
  8. dee

    Mr.President, " The S&P are not looking at the numbers! They see the "Infiltration of American Evangelic Extremism,Un-Educated "Zealots" trying to over-throw our Stability. One thing the world,and sensible Americans see is, "The destruction of the Republican Party!! When the world sees the likes of Palin,Bachmann Perry,Cantor,Walsh( guilty of Child Abuse by defaulting on child support) Lamborn Type Racism,of the Teaparty/Gop, "I think I would run "SCARED" too!!! 2012=Gone

    August 6, 2011 10:02 am at 10:02 am |
  9. Marty, FL

    S&P unfortunately lost much of its credibility when it irresponsibly gave good ratings to the subprime mortgage debacle, which caused so many problems in our economy. Their loose calculations and fuzzy numbers can be taken with a grain of salt; however, I do agree with its assessment of political discourse. Both sides must compromise going forward–spending cuts and increased revenues. Period.

    And fortunately, two of the three more credible ratings have maintained AAA for our country.

    August 6, 2011 10:16 am at 10:16 am |
  10. darko

    They are not ignoring the facts. What they're basically saying is that they should have downgraded us 2 trillion ago. This was long overdue.

    August 6, 2011 10:21 am at 10:21 am |